Curious about how to purchase our properties? We’ll help you every step of the way!
Find a Property
We publish new properties to our website once a month, on the day after our Board Meetings (Board Meetings are held on the second Wednesday of each month). You can find all properties currently for sale by clicking here. Curious about our property types? Check out our Learn page for more details! We list all of our open houses on our Facebook events page and would love you to join us at an open house! If you are working with a licensed realtor or contractor, you can have them contact our office to schedule a viewing at your convenience. Many of our properties may not have utilities turned on, so please dress appropriately and you may want to bring flashlights. Unless previously approved, referral fees must be paid by the buyer.
Apply to Purchase
Properties are listed for at least 30 days before applications are reviewed. Applications are reviewed as they are submitted. We strive to review applications in a timely manner, typically your application will go to our Board for approval within 30-45 days of your complete application submission. Some sites may be more challenging to review, so please allow 90 days for the review and approval process. You can apply directly from the property listing page on our website; if you need an accommodation such as a printed application, please contact our office and we’ll be happy to help you out!
Complete applications will include:
- The stated end-use for the property (what you plan to do with the property)
- A job-cost estimate from a licensed contractor for the redevelopment of the property (you can use our minimum job cost estimate provided on the property listing or provide your own from a licensed contractor. Please see the Redevelopment Timeline section below for more information on the required timelines for redevelopment.)
- Proof of funds available for both the purchase price and the redevelopment cost (this could be a bank statement or a letter from a lender, for example)
- $25 application fee paid one time per property
- Agreement to $750 down payment in certified funds payable at the time of completing the Purchase Agreement
Properties are sold as-is, but we do accept offers. Please see our Disposition Summary for additional application requirements. If we have only one complete application by the the completion of the application review, we will reach out to the applicant to discuss a Purchase Agreement before moving forward to our Board for approval. If there are multiple complete applications, we will hold an auction in our office for all applicants with complete applications that meet the disposition priorities established by our Board. The application with the highest bid from the auction will then move forward to our Board for approval.
The OMLB Board of Directors accepts or rejects all offers to purchase OMLB properties at our board meetings. Board Meetings are open to the public and you are welcome to attend!
All Land Bank properties are sold with a specified redevelopment timeline; everything listed in your job-cost estimate must be complete within that timeline. Currently, purchasers have 9 months for the renovation of a single-family residential property and two years for other types of property; the redevelopment timeline will be specified in your application and purchase agreement. We will regularly check in on redevelopment progress after closing and sign off as soon as the redevelopment is complete. If redevelopment does not happen within the specified timeline, the property reverts back to Land Bank ownership, as-is. If you believe you may need an extension, please contact us as soon as possible.
Need financing or a contractor? Want to see a sample application? Find resources for buyers on our Resources page! Contact us with any additional questions you have! Contact Us